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Cresa Baltimore
509 South Exeter Street, Suite 200
Baltimore, MD 21202
410.558.6192 tel
301.951.0079 fax
Email
Map/Directions

Contacts

Richard M. Rhodes
Managing Principal
Email
301.951.6500 tel
Scott R. Wingrat
Vice President
Email
301.841.6539 tel
Anthony P. Lavin
Senior Advisor
Email
410.558.6192 tel

Baltimore

  • Baltimore Office Market

    Class A - First Quarter 2013

    Supply
    47,397,854
    Vacancy
    14.4%
    Absorption
    (41,573)
    Avg. Lease Rate
    24.59/SF
  • Baltimore Office Market

    Class B - First Quarter 2013

    Supply
    53,679,087
    Vacancy
    11.1%
    Absorption
    (117,688)
    Avg. Lease Rate
    $20.10/SF

MARKET OVERVIEW

With a population of approximately 2.7 Million, the Baltimore Metropolitan region is the 20th largest in the country.  Home to the 2nd largest port in the Mid-Atlantic, a wide-range of industries comprise Baltimore’s local economy including manufacturing, logistics, healthcare, technology, and insurance.  Baltimore’s commercial real estate market includes 133 Million square feet of office space and 226 Million square feet of industrial and flex making it the 19th largest commercial market nationwide.

The Inner Harbor area has seen a significant revitalization in the past decade with former industrial areas being converted into mixed-use developments, and large corporations like Under Armor establishing headquarters along the harbor.  Suburban markets north and south of the city have benefited greatly from BRAC, driving space demand from government contractors near Aberdeen Proving Grounds and Fort Meade.

CRESA BALTIMORE

Cresa is an international corporate real estate advisory firm that exclusively represents Tenants, the only firm of its kind located in Baltimore. As professional real estate advisors, we are passionate about understanding the needs of our clients and strive to deliver exceptional service for the long term. We collaborate with clients to provide service-oriented rather than transaction-oriented counsel.

By choosing to represent the interests of Tenants alone, Cresa avoids conflicts of interest.  Led by principals with a combined 60+ years of Tenant representation experience in the real estate industry specific to the region, Cresa Baltimore has a proven track record of providing long-term business planning solutions which meets their clients real estate strategic needs and ultimately saves their clients’ money. 

MISSION

Our mission is to provide customized solutions exclusively for corporate space users by offering fully integrated services that align their real estate needs with their business plans, delivering maximum cost savings and exceeding expectations.

VISION

Our vision is to be the exception in the commercial real estate industry: A company that is service-oriented rather than transaction-oriented, with advisors who are client focused not deal focused.

VALUES

We are guided by the concept, “Do the Right Thing,” both internally and externally. We will always do what is right for the client’s best interest and put that interest before our own. We treat our clients and employees with respect, dignity and fairness in all matters.

People

L. Michael Alcamo Senior Advisor 301.841.6543
Elizabeth Binnix Operations Manager 301.951.6500
Thomas G. Birnbach Managing Principal 301.951.6500
Andrew J. Board Senior Advisor, Lease Audit 301.951.6500
Michael L. Hetchkop Senior Vice President, Lease Audit 301.841.6532
Regina X. Jiron Senior Vice President, Operations 301.951.6500
Anthony P. Lavin Senior Advisor 410.558.6192
Richard M. Rhodes Managing Principal 301.951.6500
Gene S. Sachs Managing Principal 301.951.6500
Kenneth J. Saltzman Senior Vice President 301.841.6531
Steven J. Schaumberg Managing Principal 301.951.6500
Scott R. Wingrat Vice President 301.841.6539

Success Stories

Client Location Sq. Footage
EA Engineering, Science and Technology, Inc. Hunt Valley  74,500 

Desktop Audit

Cresa Lease Audit Division

Welcome to Cresa's Lease Audit Division, the Washington, DC region’s leader in operating expense and real estate tax pass-through reviews. We specialize in thoroughly examining our clients' lease documents to assure that their lease and accompanying pass-through expenses are being properly administered by the landlord. In our experience, we find that a majority of landlord pass-through statements require further review, and half the time our closer look results in savings for our clients. Please contact us to learn more on how our success has saved our clients millions of dollars in the past few months alone.

Desktop Audit 101

Why do a "desktop" audit?

  • To determine your actual "all-in" lease costs
  • To determine if your lease and lease pass-through escalations are being properly administered
  • To determine if there have been any mistakes resulting in possible overcharges
  • To determine if your "all-in" costs exceed the building's market rate

Types of errors

  • Inadvertent Errors - Inclusion of expense items that should not be passed-through to the tenant under the terms of the lease
  • Calculation Errors - Mathematical errors and/or the use of factors that are not specified in the lease
  • Intentional Errors - Landlord's conscious effort to pass-through expenses that cannot be passed through under terms of a lease.

Common mistakes made as a result of these errors

  • Improper or no gross-up of variable expenses
  • Operating expense exclusions
  • Incorrect base year or base amount
  • Early commencement of pass-through liability
  • Incorrect proportionate share
  • Incorrect accounting methodology: cash vs. accrual
  • Calendar vs. fiscal year real estate taxes
  • Incorrect sublandlord billings

Cresa will perform your desktop audit

  • We read more than 150 leases each year
  • Cresa's team includes in-house CPAs and MBAs who have commercial property management experience
  • Cresa's lease auditors have formal training in the lease and associated documents
  • Cresa has numerous resources for comparing market ranges for expense items, including BOMA reports
  • Cresa's lease auditors know the acceptable psf ranges for line items such as utilities, cleaning, management fees, insurance, repairs and maintenance, etc

What Do I Need for a Lease Audit?

Lease Audit / Abstract Checklist

  • Lease (or Sublease)
  • Amendment(s)
  • Estoppel Certificate(s)
  • Current Rental Invoice
  • Next Year's Estimated Pass-Through Statement
  • Current Year Actual/Estimated Pass-Through Statement
  • Previous Years' Actual Pass-Through Statement (past 3 years, recommended)

Contact our Lease Audit Services for more information.

Lease Audit Services

Senior Vice President
Email


Andrew J. Board
Senior Advisor
Email

Testimonials

Cresa Baltimore's Dan Shapiro (left) and Rich Rhodes (end-right) with EA Engineering's Peter Ney, Ian MacFarlane and Mike Battle.